Egypt achieved an initial budget surplus of LE 103 billion during the last fiscal year, Finance Minister Mohamed Ma’it said.
Such an unprecedented initial surplus, representing 2 percent of the GDP, makes Egypt the second among the world’s biggest budget surpluses, after Ecuador, Ma’it noted during a meeting of the parliament’s budget and planning committee on Monday.
Overall budget deficit was even lower than expected, recording 8.2 percent by the end of the FY 2018-2019 instead of 8.4 percent, the minister added, highlighting a constant decline in the public-debt-to-GDP ratio, registering 90.2 percent in June.
The government seeks to lower this ratio to 83 percent by June 2020, Ma’it pointed out.
Egypt Today
